The 8 game suspension by the Tennessee AD is simply a "shooting from the hip" manuever in an effort to try and keep the NCAA away. The NCAA, I believe, has stated that they plan on ruling sometime after the season.
If history is anything to go by (which with the NCAA it's not), Pearl will get canned. Look at what happened to Dez Bryant. Same exact situation, in my opinion... both were caught doing something against NCAA rules, both lied about it, and both came clean later.